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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Carried at Fair Value on Recurring Basis
The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
Fair Value Measurements as of
December 31, 2020
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Municipal securities$1,531,617 $— $1,531,617 $— 
Agency commercial MBS1,281,877 — 1,281,877 — 
Agency residential CMOs1,219,880 — 1,219,880 — 
Agency residential MBS341,074 — 341,074 — 
Corporate debt securities311,889 — 311,889 — 
Asset-backed securities249,503 — 223,778 25,725 
Collateralized loan obligations135,876 — 135,876 — 
Private label residential CMOs116,946 — 112,299 4,647 
SBA securities41,627 — 41,627 — 
U.S. Treasury securities5,302 5,302 — — 
Total securities available-for-sale$5,235,591 $5,302 $5,199,917 $30,372 
Equity investments with readily determinable fair values$6,147 $6,147 $— $— 
Derivatives (1):
Equity warrants 4,520 — — 4,520 
Interest rate and economic contracts4,230 — 4,230 — 
Derivative liabilities 1,150 — 1,150 — 

Fair Value Measurements as of
December 31, 2019
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Agency residential CMOs$1,136,397 $— $1,136,397 $— 
Agency commercial MBS1,108,224 — 1,108,224 — 
Municipal securities735,159 — 735,159 — 
Agency residential MBS305,198 — 305,198 — 
Asset-backed securities214,783 — 198,348 16,435 
Collateralized loan obligations123,756 — 123,756 — 
Private label residential CMOs99,483 — 93,219 6,264 
SBA securities48,258 — 48,258 — 
Corporate debt securities20,748 — 20,748 — 
U.S. Treasury securities5,181 5,181 — — 
Total securities available-for-sale$3,797,187 $5,181 $3,769,307 $22,699 
Equity investments with readily determinable fair values$2,998 $2,998 $— $— 
Derivatives (1):
Equity warrants 3,434 — — 3,434 
Interest rate and economic contracts1,234 — 1,234 — 
Derivative liabilities 755 — 755 — 
____________________
(1)    For information regarding derivative instruments, see Note 12. Derivatives.
The following table summarizes activity for our Level 3 asset-backed securities measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Asset-Backed Securities202020192018
(In thousands)
Balance, beginning of year$16,435 $39,945 $42,109 
Total included in earnings5 (77)(32)
Total unrealized gain (loss) in comprehensive income(41)463 495 
Purchases20,100 — 15,158 
Net settlements(10,774)(23,896)(17,785)
Balance, end of year$25,725 $16,435 $39,945 
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at year-end$155 
Fair Value Inputs, Assets, Quantitative Information
The following table presents information about the quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
December 31, 2020
Private Label Residential CMOsAsset-Backed Securities
Weighted
Input or
Weighted
Range of
Average
Range of
Average
Unobservable InputsInputs
Input
Inputs
Input
Voluntary annual prepayment speeds
5.0% - 16.1%
10.9%
10.0% - 15.0%
12.1%
Annual default rates (1)
0.5% - 30.2%
2.6%2.0%2.0%
Loss severity rates (1)
1.7% - 165.2%
53.2%60.0%60.0%
Discount rates
1.8% - 9.7%
6.7%
2.6% - 3.7%
2.9%
____________________
(1)    The annual default rates and loss severity rates were the same for all of the asset-backed securities.
The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
December 31, 2020
Equity Warrants
Weighted
RangeAverage
Unobservable Inputsof InputsInput
Volatility
18.9% - 158.7%
30%
Risk-free interest rate
0.1% - 0.4%
0.2%
Remaining life assumption (in years)
0.80 - 4.97
2.9
Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation
The following table summarizes activity for our Level 3 private label residential CMOs measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Private Label Residential CMOs202020192018
(In thousands)
Balance, beginning of year$6,264 $7,288 $22,874 
Total included in earnings485 432 1,737 
Total unrealized loss in comprehensive income(592)(265)(1,146)
Sales— — (4,880)
Net settlements(1,510)(1,191)(11,297)
Balance, end of year$4,647 $6,264 $7,288 
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at year-end$1,094 
Schedule of Stockholders' Equity Note, Warrants or Rights
The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Equity Warrants202020192018
(In thousands)
Balance, beginning of year $3,434 $4,793 $5,161 
Total included in earnings10,609 8,669 7,478 
Sales(9,828)— — 
Exercises and settlements (1)
— (10,239)(8,589)
Issuances424 324 821 
Transfers to Level 1 (equity investments with readily
determinable fair values)(119)(113)(78)
Balance, end of year$4,520 $3,434 $4,793 
______________________
(1)    Includes the exercise of warrants that upon exercise become equity securities in public companies. These are often subject to lock-up restrictions that must be met before the equity security can be sold, during which time they are reported as equity investments with readily determinable fair values.
Assets carried at fair value on a nonrecurring basis
The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
Fair Value Measurement as of
December 31, 2020
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases (1)
$102,274 $— $4,160 $98,114 
Total non-recurring$102,274 $— $4,160 $98,114 
______________________
(1)    Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000.
Fair Value Measurement as of
December 31, 2019
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Impaired loans and leases (1)
$28,706 $— $1,083 $27,623 
OREO105 — — 105 
Total non-recurring$28,811 $— $1,083 $27,728 
Net Losses (Gains) on Nonrecurring Assets
The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
Year Ended December 31,
Loss on Assets Measured on a Non‑Recurring Basis202020192018
(In thousands)
Individually evaluated loans and leases (1)
$24,607 $6,797 $9,198 
OREO267 78 74 
Total net loss$24,874 $6,875 $9,272 
Fair Value Measurement Inputs and Valuations
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
December 31, 2020
ValuationUnobservableInput or
Weighted
Asset
Fair Value
TechniqueInputsRange
Average
(In thousands)
Individually evaluated
loans and leases$69,530Discounted cash flowsDiscount rates
3.75% - 7.75%
6.09%
Individually evaluated Discount from
loans and leases (1)
23,202Third party appraisalappraisal (1)32.00%32.00%
Individually evaluated
loans and leases5,382Third party appraisalsNo discounts
Total non-recurring Level 3$98,114
____________________
(1)    Relates to one loan at December 31, 2020.
Fair Value, by Balance Sheet Grouping
December 31, 2020
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$150,464 $150,464 $150,464 $— $— 
Interest‑earning deposits in financial institutions3,010,197 3,010,197 3,010,197 — — 
Securities available‑for‑sale5,235,591 5,235,591 5,302 5,199,917 30,372 
Investment in FHLB stock17,250 17,250 — 17,250 — 
Loans and leases held for investment, net18,735,196 19,305,998 — 4,160 19,301,838 
Equity warrants4,520 4,520 — — 4,520 
Interest rate and economic contracts4,230 4,230 — 4,230 — 
Equity investments with readily determinable fair values6,147 6,147 6,147 — — 
Financial Liabilities:
Core deposits22,264,480 22,264,480 — 22,264,480 — 
Non-core non-maturity deposits1,149,467 1,149,467 — 1,149,467 — 
Time deposits1,526,770 1,527,639 — 1,527,639 — 
Borrowings5,000 4,995 — 4,995 — 
Subordinated debentures465,812 448,036 — 448,036 — 
Derivative liabilities1,150 1,150 — 1,150 — 

December 31, 2019
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$172,585 $172,585 $172,585 $— $— 
Interest‑earning deposits in financial institutions465,039 465,039 465,039 — — 
Securities available‑for‑sale3,797,187 3,797,187 5,181 3,769,307 22,699 
Investment in FHLB stock40,924 40,924 — 40,924 — 
Loans and leases held for investment, net18,708,087 19,055,004 — 1,083 19,053,921 
Equity warrants3,434 3,434 — — 3,434 
Interest rate and economic contracts1,234 1,234 — 1,234 — 
Equity investments with readily determinable fair values2,998 2,998 2,998 — — 
Financial Liabilities:
Core deposits16,187,287 16,187,287 — 16,187,287 — 
Non-core non-maturity deposits496,407 496,407 — 496,407 — 
Time deposits2,549,342 2,549,260 — 2,549,260 — 
Borrowings1,759,008 1,759,008 1,759,000 8 — 
Subordinated debentures458,209 441,617 — 441,617 — 
Derivative liabilities755 755 — 755 —